Princetontrader Futures Trading Education Weekly Chart Recap February 11, 2017

This Week’s Post Highlights kept you on the correct side of the tape.  Lots of chances by the bears that were not converted.

Monday’s Post:  “On Friday after the jobs report the Bulls were able to move above 2280 and stay there for an entire session.  As we begin the new week we find ourselves on the verge of another attempt at an upper Bollinger Band ride.  Bulls need a solidly green day and some follow through.  This will push more weak shorts out of their positions and start a push toward the current all-time high of 2299.50.”

Tuesday's Post: "The S&P Futures followed our game plan on Monday despite a tape devoid of much price action.  We said yesterday “. If weekly pivot does get tested today it will likely be support on the first attempt.  Any subsequent retest will be critical.”  The first test in the morning was support.  That set up a second test in the afternoon which was critical.  Price held the retest and established support. Bulls have used that support to retest the 2294 level.  If the bulls are going to engage the upper Bollinger Band and make a new all-time high 2294 must be converted.”

Wednesday's Post: "The S&P Futures continue on in  what has been a fairly frustrating week for both sides.  Bears want to convert weekly pivot. Each trip to the mid-2280s has been support.  Bulls want to convert 2294/95 and do a new all-time high.  Each attempt has resulted in resistance.  The majority of the week has been chopping between these two areas.  The goals for each side remains clear.  Convert the range.  The next leg of the market goes to the side who can accomplish that task.

Thursday's Post: "The S&P Futures attempted to break below the range low yesterday with a move into the 2281 area.  As with most range trades it looked like it had a change to stay down but ultimately was a fantastic dip buy and we ground our way back to the range highs.  Bulls stalled at 2291/92 for most of the night before popping over the top to meet the range high again at 2294-96.  Today’s trade will hinge on whether the Bulls can finally push above the range and stay there.  Bulls will need a new all-time high and engagement with the upper Bollinger Band.”

Friday’s Post: “The S&P Futures solved the range battle yesterday with the Bulls breaking above the 2295/96 range top.  As discussed the Bulls were able to print a new all-time high and engage the Upper Bollinger Band on the daily chart.  A second touch of the upper Bollinger band during today’s Globex session has started another potential upper band ride.  Bulls will need to follow through to the upside today.  It is typical for Thursday trends to continue into Friday so Bulls walk into the day with a clear advantage.”